RICHMOND, Va., Dec. 16, 2016 /PRNewswire/ -- The board of
directors of Dominion (NYSE: D) today established a 2017 dividend
rate of $3.02 per share of common
stock, up from $2.80 per share in
2016, or a 7.9 percent increase. Subject to board declaration in
January, the first quarterly dividend of 75.5 cents per share will be payable in
March 2017. The expected 2017
dividend increase would mark the 14th consecutive year in which the
annual dividend rate rose from the previous year's rate.
Thomas F. Farrell II, chairman,
president and chief executive officer, said:
"Through our board's action today, Dominion remains steadfast
that our long-term growth strategy will provide to our company's
owners annual 8 percent increases in our dividend rate through the
end of this decade."
Dominion is one of the nation's largest producers and
transporters of energy, with a portfolio of approximately 26,000
megawatts of generation, 14,400 miles of natural gas transmission,
gathering and storage pipeline, and 6,500 miles of electric
transmission lines. Dominion operates one of the nation's largest
natural gas storage systems with 1 trillion cubic feet of storage
capacity and serves more than 6 million utility and retail energy
customers. For more information about Dominion, visit the company's
website at www.dom.com.
Payment of the 2017 dividend is subject to quarterly
determination and declaration by the board of directors of specific
record and payable dates.
This news release includes certain forward-looking
information that is subject to various risks and uncertainties.
Words such as "expect," "target," "would," "will," "anticipate,"
"believe," "estimate," "intend," "may," "plan," "predict,"
"project," "should" and similar terms and phrases are used to
identify forward-looking statements. Our business is influenced by
many factors that are difficult to predict, involve uncertainties
that may materially affect actual results and are often beyond our
ability to control or estimate precisely, such as the timing and
execution of Dominion Midstream's growth strategy. We have
identified in our SEC Reports on Forms 10-K and 10-Q, and will in
the future identify, a number of factors that could cause
actual results to differ from those in the forward-looking
statements. We refer you to those discussions for further
information. These statements are not guarantees of future
performance and involve certain risks, uncertainties and
assumptions that are difficult to predict. Any
forward-looking statement speaks only as of the date on which it is
made, and we undertake no obligation to update any forward-looking
statement to reflect events or circumstances after the date on
which it is made.
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SOURCE Dominion